Kevin Warsh was sworn in for a four-year term as chair of the Federal Reserve, a role that will grant him outsized influence over interest rates and the direction of the U.S. economy at a consequential moment.
The 56-year-old former finance executive and adviser to President George W
Bush was sworn in on May 22. He previously served on the Fed’s Board of Governors from 2006 to 2011 — a period when the central bank had to navigate the fallout from the 2008 financial crisis. He rejoins the Fed, whose goal is stable prices and maximum employment, at a time when inflation is surging as a result of the Iran war and concerns linger about stagnation in the job market outside select industries. “It’s the honor of a lifetime to be called back into public service, and with this oath, I’ve accepted a high and solemn responsibility,” Warsh said during a ceremony at the White House. “My goal now is to create an environment in which the best people can do their life’s best work, and to face every challenge in the spirit of common purpose and devotion to the national interest.
In a word, to excellence.” Warsh replaces Jerome Powell, who has served as Fed chair since 2018 and who said he intends to keep “a low profile” as a Fed governor after Warsh was confirmed. President Donald Trump nominated Powell to his first term as chair in 2017. By the following year, the president was criticizing him, telling the Washington Post he was “not even a little bit happy” with his appointment.